Russia hiked the export duty for corn almost tenfold, marking the first sign of export curbs amid lower corn crop forecasts due to extreme weather that hit key corn-producing regions this year. The agriculture ministry said the corn export duty will rise to 2,786.2 rubles ($29.85) per metric from Sept. 2, up from 292.7 rubles in the previous week.
“There is a fairly high probability that corn exports will be, to put it mildly, restricted,” IKAR consultancy said.
Russia exported only 7 MMT (276 million bu.) of corn in 2023-24 with Iran, Turkey and Libya as the main buyers. IKAR forecasts Russia’s corn exports will fall to 2.5 MMT in 2024-25.
